Friday 14 June 2024
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Luckin Coffee has paid the US$180 million civil penalty agreed with the Sec as part of a settlement plan

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MILAN – The Chinese coffee giant Luckin Coffee announced Friday that it has paid the $180 million civil penalty agreed to as part of a settlement plan it reached with the US Securities and Exchange Commission (SEC) in December.

On February 3, the SEC acknowledged in a notice to the Southern District of New York that Luckin Coffee had satisfied the penalty provisions by making cash payments to the company’s security holders.

The US court had ordered the China-based company to pay the civil penalty after it found that Luckin had defrauded investors by inflating its revenues by around $310 million in 2019.

The press release can be found at this link.

CIMBALI

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